AGI Inc (NYSE:AGBK) Shares Shorted: Short Interest Up 93.1% in October

AGI Inc (NYSE:AGBK) saw a significant increase in short interest during the month of October. As of October 30th, there was short interest totaling 1,636,720 shares, an increase of 93.1% from the October 15th total of 847,394 shares. Currently, 1.0% of the shares of the company are short sold. Based on an average daily volume of 767,677 shares, the days-to-cover ratio is presently 2.1 days.

Analyst Upgrades and Downgrades

AGBK has been the subject of a number of research analyst reports. Oppenheimer decreased their target price on AGI from $9.00 to $8.00 and set an “outperform” rating for the company in a research report on Thursday. Weiss Ratings reaffirmed a “sell (d)” rating on shares of AGI in a research report on Friday, August 7th. Finally, The Goldman Sachs Group set a $13.00 price objective on AGI in a research note on Thursday, August 6th. Six investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $14.00.

Insider Activity

In other AGI news, CTO Vinicius Birkeland Aloe sold 256,386 shares of the firm’s stock in a transaction dated Monday, August 31st. The stock was sold at an average price of $11.99, for a total transaction of $3,074,068.14. Following the transaction, the chief technology officer owned 176,423 shares of the company’s stock, valued at approximately $2,115,311.77. This trade represents a 59.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink.

Institutional Inflows and Outflows

A hedge fund recently bought a new position in AGI stock. Marshall Wace LLP bought a new position in shares of AGI Inc (NYSE:AGBK) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 764,873 shares of the company’s stock, valued at approximately $4,406,000. Marshall Wace LLP owned 0.48% of AGI as of its most recent filing with the Securities and Exchange Commission (SEC).

AGI Stock Performance

AGBK stock traded down $0.01 on Friday, hitting $6.32. The company’s stock had a trading volume of 267,103 shares, compared to its average volume of 596,229. The stock has a market cap of $1.01 billion and a price-to-earnings ratio of 6.79. The firm has a 50 day moving average of $6.15 and a two-hundred day moving average of $7.25. The company has a current ratio of 1.51, a quick ratio of 1.51 and a debt-to-equity ratio of 0.31. AGI has a 1 year low of $4.43 and a 1 year high of $12.21.

AGI declared that its Board of Directors has initiated a stock buyback program on Tuesday, October 27th that allows the company to buy back 3,000,000 shares. This buyback authorization allows the company to repurchase shares of its stock through open market purchases. Share buyback programs are generally an indication that the company’s board of directors believes its stock is undervalued.

AGI Company Profile

Agibank S.A. is a Brazilian financial services company that combines digital banking with a network of physical service locations. Its offerings include digital accounts, payment services, cards, personal credit and insurance, with a focus on serving individuals across Brazil. The company is particularly known for payroll-deductible loans, including credit products for retirees and public-sector employees. Agibank traces its origins to Agiplan, established in 1999, and adopted the Agibank name as it expanded its digital banking operations.